‘Real Estate Regulation and Development Bill 2013 a positive step’
The current regulations on foreign investment make it difficult for small developers to access low-cost capital
Aug 30, 2013
Source : The Times of India

 

MUMBAI: The National Real Estate Developers’ Council (NAREDCO) wants rules and regulations governing real estate sector to be rationalised. It said large portion of the inconsistencies emerge from archaic laws, guidelines that conflict with the development agenda of the economy, disparity in incentives given to larger projects as against the same given to smaller projects. Also, the current FDI norms also make it difficult for smaller developers to access capital easily.

Its president Navin Raheja said, “The Real Estate Regulation and Development BIll 2013 is a hugely positive step in this direction. But this can address the issues only in a limited way. The industry would be more than happy to coordinate with the government to iron out the inconsistencies prevalent in the system. While the industry welcomes the positive intent of the government, we believe that the momentum gained should be utilised to iron out some of the issues. This will not only help to unlock projects worth over Rs. 10,000 crore, but will also catalyse the economy with more vigour and vibrancy.”

Vice president Sunil Mantri said environment clearances take a long time. This escalates cost. “The current regulations on foreign investment make it difficult for small developers to access low-cost capital. Currently the approvals of building plans by the planning authority or a municipal corporation result in abnormal delays. These are the issues that can be easily managed by a little more imaginative thinking by the government and policy makers. As a sector, the builders and developers are accused of resorting to corrupt practices. As a sector, we believe that the germination of corruption occurs in prevalent systems and procedures,” he said.

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